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Stamp duty land tax or SDLT is a taxed sum a person must pay when buying a property or land if it costs more than a certain amount. The rate at which you’ll pay the tax varies based on the property price.
At Gorvins, we know that purchasing a property can be a stressful time and, whether it’s your first home or you’re a seasoned investor, there can be unexpected hurdles during the buying process. The most common issues encountered by prospective buyers are of a financial nature, and the best way to combat hiccoughs is through extensive planning to ensure everything runs as smoothly as possible from offer through to completion.
As of November 22nd, 2017, it was announced in the Autumn budget that first-time buyers will pay zero stamp duty on the first £300,000 of any home that costs up to £500,000 with immediate effect. This means for any home worth less than £300,000, you’ll pay no stamp duty.
The new changes apply to purchases by first-time buyers in England, Wales and Northern Ireland – there is no change for buyers in Scotland, however.
For purchases between £300,001 and £500,000, you will pay 5% on that portion of the purchase price only. For those first-time buyers purchasing a home costing more than £500,000, you won’t benefit from any change and will be buying under the standard system, which applies to non first-time buyers too.
To help you on your property journey, we have developed some useful tools to guide buyers through the property purchasing process, including a comprehensive new Stamp Duty Calculator. Stamp Duty is a necessary fee that many buyers, particularly when purchasing their first home, either omit to factor into their budgets or underestimate. Although a compulsory part of the process, Stamp Duty is notoriously easy to overlook or under calculate. Now there’s no longer any reason to worry or speculate over Stamp Duty rates, as we have done the work for you. So if you’re asking yourself, how much stamp duty will i pay, our handy calculator will tell you the amount of Stamp Duty payable based on the value of your property. All you have to do is enter the value and click ‘calculate’ to work out your Stamp Duty fees within the space of a few short seconds
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Associate SolicitorFamily Law
Philip Hammond has scrapped stamp duty for 1st time buyers up to £300,000
We have collated our top tips that we think is essential for a first time buyer to know.